DNO ASA, the Norwegian oil and gas operator, today reported record oil and gas output in 2015 though the company's results were impacted by the sharp drop in world oil prices. Operated production was up 23 percent last year to 144,200 barrels of oil equivalent per day while revenues dropped to USD 187 million in […]
As Iraqi security forces make progress in the campaign to defeat the Islamic State of Iraq and the Levant, Canada’s vow this week to expand its contributions in the fight is a welcomed commitment, Operation Inherent Resolve spokesman Army Col. Steve Warren said on Wednesday. Warren noted in his weekly counter-ISIL operational update via videoconference […]
U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported on Wednesday. Officials reported details of the latest strikes, noting that assessments of results are based on initial reports. Strikes in Syria Fighter and remotely […]
By John Lee. Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra and Kirkuk crude oil for March. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index (ASCI); […]
By John Lee. Iraqi Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] met on Sunday with the CEO of Shell in Iraq, Hans Nijkamp. The meeting was attended also by Mr. Hamid Y. Salih, the deputy minister of gas, Mr. Abd Al-Mahdi Al-Ameedi the director general of the Petroleum Contracts & Licensing Directorate (PCLD), and other […]
By John Lee. A new report by the U.S. Army Corps of Eengineers (USACE) says that the probability of Mosul Dam collapsing is even greater than was previously believed. According to Associated Press, the problem is that the dam was shoddily built on unstable ground: The earth underneath it is constantly being eroded by water. […]
By Ali Mamouri, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq’s economic crisis is about to get worse. The government, which relies on oil for 90% of its revenue and 80% of foreign exchange earnings, faces plunging oil prices combined with rampant corruption and […]
By John Lee. Turkey has announced new entry regulations for Iraqi nationals. Starting immediately, Iraqis will only be able to travel to Turkey with visas issued in the embassies of the country; previously, they could get entry permits at the border. These measures are related to the fight against illegal migration. (Source: News.Az) (Visa image […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 26 banks and 19 remittance companies took part in its currency auction on Wednesday. A total of $120,740,000 sold at a price of 1182 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
UK-based financial software company Misys announced today that it has been selected by Trade Bank of Iraq (TBI) as a strategic partner to assist the bank in upgrading to a next generation digital platform in order to gain a competitive edge in Iraq’s growing banking industry. Hamdiyah Mahmood Faraj Al-Jaff, Chairman, Trade Bank of Iraq […]
By John Lee. Prime Minister Haider al-Abadi has called for the inclusion of technocrats and academics in the government in a "fundamental" reshuffle to his cabinet, according to a report from AFP. In a speech on Tuesday, al-Abadi called on parliament "and all the political blocs to cooperate with us in this serious phase". Iraqi […]
UNICEF and the Government of Iraq today signed the 2016-2019 Country Programme Action Plan, a four year framework by which both parties will work to ensure a bright future for Iraqi children. "In the context of continuing violence across the country, it is all the more critical that we work hand in hand with our […]
